Spear Reit Ltd. · JSE:SEA
Spear Reit — Investor Presentation (February 2026)
19 slides from Spear Reit's investor presentation, Feb 27, 2026
Slide 1: FY2026 Pre-Close Investor Presentation
The Western Cape REIT Credible Predictable Consistent FY2026 PRE-CLOSE INVESTOR PRESENTATION FOR THE PERIOD ENDING 28 FEBRUARY 2026 PRESENTATION: 27 FEBRUARY 2026
Slide 2: Table of Contents
TABLE OF CONTENTS 01. FY2026 Environmental Update & Strategic Priorities 02. FY2026 Salient Details | YTD January 2026 03. FY2026 Sectoral Performance | YTD January 2026 04. FY2026 Sectoral Split | YTD January 2026 05. Acquisitive Growth 06. Conclusion 07. Questions WATERSIDE PLACE, TYGERVALLEY PRE-
Slide 3: FY2026 Environmental Update & Strategic Priorities
1 9 LONG STREET, CAPE TOWN FY2026 ENVIRONMENTAL UPDATE & STRATEGIC PRIORITIES PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 3
Slide 4: Mission Statement and Strategy
01. FY2026 Environmental Update & Strategic Priorities M I S S I O N S TAT E M E N T A N D S T R AT E G Y THE MISSION To be the leading Western Cape-focused REIT and to consistently grow our distribution per share on an annualised basis and to operate within the top quartile of our peer group. F Y 2
Slide 5: FY2026 Salient Details YTD January 2026
2 27 JUNCTION ROAD, PAROW FY2026 SALIENT DETAILS YTD JANUARY 2026 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 5
Slide 6: Highlights
02. FY2026 Salient Details | YTD January 2026 HIGHLIGHTS Western Cape FY2026 DISTRIBUTIONS portfolio expansion Portfolio at a glance Revised guidance: 5% — 6% growth in DIPS Acquired 3 prime real estate assets R6.8 billion Trending to upper end of guidance R1.08 billion in new acquisitions 42 assets
Slide 7: Letting Activity
02. FY2026 Salient Details | YTD January 2026 LETTING ACTIVITY Expiries and Gross rental Average gross Renewals/ Gross new Average gross Rental vacated at expiry expiry rental New lets rental new rental reversion GLA m² R'000 R/m² GLA m² R'000 R/m² % Commercial 29 853 5 474 183.36 31 789 5 516 173.5
Slide 8: Balance Sheet and Funding Update
02. FY2026 Salient Details | YTD January 2026 B A L A N C E S H E E T A N D F U N D I N G U P D AT E JANUARY 2026 FY2025 COVENANTS YTD JANUARY 2026 WEIGHTED AVERAGE 31.20 25.97 EXPIRY months months WEIGHTED AVERAGE 31.59 20.01 LTV 50% 24.62% FIXED EXPIRY months months JANUARY 2026 FY2025 WEIGHTED AV
Slide 9: LTV Sensitivity
02. FY2026 Salient Details | YTD January 2026 LT V S E N S I T I V I T Y SA REIT LTV Movement in real % Paarden Eiland 40 FY2026 Blackheath GAT Portion 8 Development Property Disposal Phase 2 Top Structure GTX Civils Final Dividend 35 Blackheath Under DD 0.28% (0.98%) 0.84% 0.66% 0.10% 30.08% Roof 2
Slide 10: FY2026 Sectoral Performance YTD January 2026
3 SABLE SQUARE SHOPPING CENTRE, MILNERTON PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2025 FY2026 SECTORAL PERFORMANCE YTD JANUARY 2026 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 10
Slide 11: Sub-Sector Operational Performance — YTD January 2026
03. FY2026 Sectoral Performance | YTD JANUARY 2026 S U B - S E C T O R O P E R AT I O N A L P E R F O R M A N C E — Y T D J A N U A RY 2 0 2 6 RETAIL COMMERCIAL INDUSTRIAL 80 469m2 GLA 127 319m2 GLA 419 401m2 GLA Occupancy = 96.68% Occupancy = 92.64% Occupancy = 98.77% Collections = 96.87% Collectio
Slide 12: FY2026 Sectoral Split YTD January 2026
4 MEGA PARK, BELLVILLE FY2026 SECTORAL SPLIT YTD JANUARY 2026 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 12
Slide 13: Sub-Sector Segmentation
04. FY2026 Sectoral Split | YTD January 2026 S U B - S E C T O R S E G M E N TAT I O N JANUARY 2026 Number of Value Value GLA GLA Vacant Occupancy Revenue Revenue properties R'000 % m² % m² % R'000 % Retail 9 1 446 800 21 80 469 13 2 672 96.68 138 757 18 Commercial 17 2 408 513 35 127 319 20 9 371 9
Slide 14: Acquisitive Growth
5 THE VIEW, TYGERVALLEY ACQUISITIVE GROWTH PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 14
Slide 15: Acquisitive Growth
05. Acquisitive Growth M AY N A R D M A L L , B E R G R I V E R B U S I N E S S PA R K , C O N S A N I I N D U S T R I A L PA R K , WYNBERG PA A R L GOODWOOD RETAIL INDUSTRIAL INDUSTRIAL SECTOR SECTOR SECTOR R455 000 R182 150 R437 300 ACQUISITION COST (R’000) ACQUISITION COST (R'000) ACQUISITION COS
Slide 16: Conclusion
6 RADNOR ROAD, BELLVILLE CONCLUSION PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 16
Slide 17: Outlook & FY Guidance Affirmation
06. Conclusion O U T L O O K & F Y 2 0 2 7 G U I D A N C E A F F I R M AT I O N Management is pleased to report that Spear will achieve a mission statement-aligned outcome for FY2026, resulting in management increasing its DIPS guidance for FY2026 to 5% — 6% higher compared to DIPS reported for FY20
Slide 18: Guidance Assumptions
06. Conclusion GUIDANCE ASSUMPTIONS No loadshedding occurs for the remainder of FY2026 Vacancies are reduced in accordance with management’s forecast Lease renewals are successfully concluded as per management’s projections No major tenant failures occur over the balance of FY2026 Tenants continue t
Slide 19: Thank You
7 THANK YOU Questions? Email questions to INFO@SPEARPROP.CO.ZA Live Q&A after presentation spearreitlimited Spear REIT Limited Spear REIT Limited @SpearREIT BRAVO PARK, BLACKHEATH PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 28 FEBRUARY 2026 19